When most homeowners consider a renovation, their minds are usually awash with questions, first among them being how much it will cost them, the duration of the project, and finally, problematic areas they should watch out for. According to a recent survey conducted by houzz.com, however, a renovation project will not only increase the comfort of your home but will also increase its value. The duration of a home remodeling project can range from a few days if you are planning something simple such as a repainting to several months for a major home remodeling project.
When it comes to any home remodeling effort, the first and simplest part is to determine what you want to be changed. The other, more difficult part is estimating the cost and determining how much you can afford to invest in your renovation project.
Steps to Decide How Much to Invest in Your Home Remodeling Project
When it comes to approximating the cost of a renovation project, most contractors estimate that a major upgrade will run from $100 to $200 or more per square foot. As a result, it is important to have your remodeling contractor or other home design professional in your corner to help you determine how much you will need to complete the project.
The next issue you should zero in on for your home remodeling project is to calculate how much money you will spend. If you plan to pay cash, then that answer is easy. If you are planning to borrow the money from your bank or other financial institution, your need to contact them and inquire as to how much they would be willing to loan and how much the bank loan will add to your monthly expenses.
There are three basic types of loan options available:
* Home equity loan
* Cash-out refinance
* Home equity line of credit (HELOC)
Most homeowners who plan a remodel project for their homes often choose the HELOC option to finance it. A HELOC uses the equity you have built up in your home to secure the loan, which means that you can get a lower interest rate than with other financing options. This method also allows you to deduct the interest from your taxes.
Get estimates from contractors. Before you start getting bids begin by determining what type of renovation you want to be done. You can be sure that all contractors will be quoting prices for the same items if you specify this information up front. To locate the right contractor, check online sites that have peer reviews of potential contractors such as caliberwestrenovations.ca – CLICK HERE for reviews of contractors. Ask about recent renovation projects, and get recommendations from friends.
How Long Does a Remodeling Take to Complete?
A home renovation involves tolerating a lot: workers walking through your home, dust and noisy tools. As a result, it is important to know how long all of this will take.
The estimated time for a bathroom remodel is two to three weeks, and the cost is approximate $25,000. This project involves converting your bathroom into a spa.
Kitchen remodeling. A complete kitchen remodeling will take from eight to twelve weeks to complete and cost approximately $58,000. A complete kitchen remodels usually involves installing a kitchen island, replacing your old appliances with new ones, changing the floor, changing the lighting, and replacing the old kitchen cabinets. By contrast, a kitchen upgrade can cost much less. The national median of this type of project is $26,000, and it will take one to two weeks.
Replacing your roof with asphalt shingles. A project of this sort will usually take no more than one week and will cost a maximum of $7,500. Your contractor will remove and replace the shingles and moisture barriers.
In a survey conducted in 2015, it was discovered that remodeling a home is more affordable than selling and buying another. As a result, deciding to renovate your home is most often the best property investment decision you will ever make. The truth is that among the many choices you can make for investing in the long term good of your home, remodeling can be the wisest choice by far. Not only is it most often the least expensive option, but it is a choice that pays the greatest dividends.